Hormel Foods reports lackluster results as COVID continues to takes its toll
With Thanksgiving turkey in sight, Hormel Foods Corp. reported lackluster financial results Tuesday on weakness in its food service business due to shuttered restaurants and cafeterias.The Austin, Minn.-based food company, like the rest of the meat industry, continued grappling with the fallout from COVID-19 that has increased production costs and remained a constant threat to its workforce in its fourth quarter.The protein-centric company missed earnings expectations and delivered an unforeseen revenue decline for the quarter ended Oct. 25.Profit fell in the quarter to $234.4 million, or 43 c...
Star Tribune (Minneapolis)
Fiat Chrysler, Peugeot-maker PSA Group set shareholder meetings to approve merger
Shareholders for Fiat Chrysler Automobiles and Peugeot-maker PSA Group are to meet in January to decide whether to approve the proposed merger between the two companies.The companies announced Wednesday they would hold general meetings for their respective shareholders on Jan. 4 “in order to approve the merger of their companies to allow the creation of Stellantis, which will become the world’s fourth largest automobile manufacturer by volume.”Leaders of the companies have previously said they aim to complete the merger by the end of the first quarter.Regulatory approvals have been moving forw...
Detroit Free Press
Home Depot boosts worker pay as profits rise
Home Depot is giving raises to frontline and hourly workers that will add $1 billion a year to their paychecks after revenue and profit soared at the giant retailer.Since the pandemic took hold earlier this year, the company has spent $1.7 billion on extra bonuses, paid leave and other benefits. The raises announced Tuesday will replace those programs.“This is a permanent investment and that is different,” Richard McPhail, chief financial officer, told The Atlanta Journal-Constitution on Tuesday. “These are permanent wage increases.”He declined to offer more details, but said that the wage hik...
The Atlanta Journal-Constitution
Bezos Earth Fund gives nearly $800 million to climate groups in first round of grants
SEATTLE — In its first round of grants, the $10 billion Bezos Earth Fund will award $791 million to 16 environmental organizations largely focused on researching and implementing ways to reduce carbon emissions, build green jobs and restore wildlife.The funding round announced Monday was remarkably large for an organization that does not have a website and has not published a list of staff, named a director or released instructions on how to apply for grants.Five big-name environmental nonprofits — the Nature Conservancy, Natural Resources Defense Council, Environmental Defense Fund, World Res...
The Seattle Times
Norwegian Cruise Line reports $677 million 3Q loss as cruises remain canceled
Norwegian Cruise Line Holdings — the third largest cruise company in the world — reported a loss of $677.4 million, or $2.50 per share, during the third quarter of 2020.Cruises on the company’s three brands — Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas — remain canceled in the U.S., the company’s most lucrative market, until at least Jan. 1. Until then, the company expects to have a monthly cash burn rate of $175 million, according to a company financial update Tuesday.The company said bookings for the first half of 2021 are “below historical ranges,” but bookings for the seco...
Quicken Loans' parent Rocket Companies shows more big profits, does buyback
Low interest rates have propelled Detroit-based Rocket Companies, the publicly traded firm that includes Quicken Loans, to another highly profitable quarter.Rocket on Tuesday reported net income of nearly $3 billion on $4.6 billion in total revenue during the third quarter that ended Sept. 30, up from $495 million and $1.6 billion, respectively, in the same three-month period of 2019.It closed about $89 billion in mortgages for the quarter, or more than double its volume a year earlier.Quicken Loans and other mortgage lenders have enjoyed a surge in business during the COVID-19 pandemic, large...
Detroit Free Press
Editorial: The Senate's job one: Pass a strong and focused COVID-19 stimulus
A Joe Biden presidency augurs well for eventually controlling the COVID-19 pandemic, but Americans can’t afford to wait until Biden takes office on Jan. 20 for federal help. More than two months have passed since Congress recklessly let lapse the individual stimulus payments and business loan programs that were helping stabilize the economy as Americans await a vaccine.Since summer, the major impediment to new stimulus has been Senate Majority Leader Mitch McConnell and his GOP conference. GOP control of the Senate hangs by a thread and will be determined in twin runoff elections in Georgia ea...
New York Daily News
Braves' revenue falls 48% in third quarter; will payroll cut follow?
The Braves took more economic hits from the coronavirus pandemic in the July-through-September quarter, according to financial results disclosed Thursday by team owner Liberty Media.With a shortened schedule and no fans in the stands at Truist Park, the Braves’ revenue for the third quarter declined 48%, falling to $110 million from $212 million in the same period last year.“We, like many others in the baseball world, suffered a lot from the lack of in-person fans at events,” Liberty Media president and CEO Greg Maffei said on a conference call with investment analysts Thursday. “But I think c...
The Atlanta Journal-Constitution
GM reports quarter gain, says it can handle election results, rising COVID-19
General Motors reported Thursday its net income rose 74% in the third quarter, boosted by growing consumer demand for its newly designed full-size SUVs and pickups, which were in tight supply, thereby commanding robust prices.Between improved sales in North America and China, GM also made significant cost reductions. It is positioned to repay by year-end the full $16 billion balance on its revolving credit loan it took out earlier this year to get through the coronavirus pandemic.For the third-quarter, GM announced a net gain of $4 billion, up 74% from the same time a year ago. Its earnings be...
Detroit Free Press
Qualcomm reports blowout quarter as 5G momentum grows
Qualcomm cashed in on the momentum around the rollout of faster 5G smartphones during its fiscal fourth quarter, posting strong financial results that beat Wall Street analysts’ expectations.The San Diego cellular technology giant — a leader in 5G smartphone processors and intellectual property — said Wednesday that it benefited from a host of 5G trends during the quarter.They include Apple’s launch of four new 5G iPhone models in October that use Qualcomm chips; a settlement payment in a long-running patent licensing dispute with China’s Huawei; more Android smartphone buyers upgrading from 4...
The San Diego Union-Tribune